Investment Rating - The investment rating for the company is "Accumulate" (maintained) [8] Core Views - The company reported a significant increase in net profit for Q2 2024, with an estimated net profit of approximately 0.92 billion to 1.07 billion yuan, representing a year-on-year growth of 70% to 98% [4][9] - The growth in net profit is attributed to the rapid improvement in the downstream demand for both software and equipment businesses [10] - The company is expected to achieve operating revenues of 1.371 billion, 1.610 billion, and 1.855 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 0.332 billion, 0.430 billion, and 0.546 billion yuan [16] Financial Performance - For the year 2024, the company is projected to have an operating income of 1.371 billion yuan, with a growth rate of 25.15% [17] - The net profit for 2024 is expected to be 0.332 billion yuan, reflecting a growth rate of 35.12% [17] - The earnings per share (EPS) for 2024 is estimated at 0.88 yuan, with a price-to-earnings (PE) ratio of 17.78 [17] Business Segments - The software segment is performing well, with ongoing sales of key software products contributing to stable net profits [10] - The instrumentation segment is focusing on high-value products and expanding its market presence, particularly in the high-voltage sector [10]

投资评级:增持(维持) 核心观点 -38% -30% -21% -13% -4% 5% 香飘飘 沪深300 分析师 赵婕 SAC 证书编号：S0160523100002 zhaojie@ctsec.com 香飘飘(603711) / 饮料乳品 / 公司点评 / 2024.07.10 证券研究报告 ❖ 冲泡以消化库存为主，即饮板块果茶战略初见成效。分板块看，冲泡板 块下滑较多，主要系公司进行库存消化；即饮板块收入预计持平，其中 1）预 计果汁茶增长良好，战略初见成效；2）冻柠茶有所承压，主要系渠道结构调 整，电商销售占比下降较多，对冻柠茶单价有所影响。3）且公司今年产品重 点调整，大红袍牛乳茶暂未重点销售，预计同比有所缺失。利润方面，主因淡 季冲泡拖累，亏损幅度增大。 ❖ 24Q3 进入公司战略重要检验阶段，待成效显现。一方面即饮旺季验证新 战略可行性，另一方面冲泡有望迎来升级，带来新增量。我们认为在外部环境 有所承压的背景下，企业维持自身的战略定力，为后续放量积聚势能，静待公 司改革和二次曲线成效显现。 ❖ 风险提示：食品安全风险，原材料价格波动，季节性风险波动。 请阅读最后一页的重要声明！ | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a consolidated revenue of RMB 2.117 billion for June 2024, representing a year-on-year increase of 24.11% and a slight decrease of 0.23% month-on-month. The second quarter of 2024 showed stable performance with a consolidated revenue of RMB 6.440 billion, up 32.27% year-on-year but down 3.69% quarter-on-quarter. For the first half of 2024, the total revenue reached RMB 13.126 billion, reflecting a year-on-year growth of 13.79% [3] - The growth in revenue is attributed to the demand for new products such as iPads and promotional activities for iPhones. The upcoming traditional peak season for consumer electronics in the second half of the year is expected to boost sales, particularly with the anticipated release of the iPhone 16 series [3] - The long-term outlook is positive due to the trend of AI integration in mobile devices, which is expected to drive upgrades in PCB (Printed Circuit Board) components. The company is well-positioned to benefit from this trend, given its close collaboration with major clients and its comprehensive hardware and software ecosystem [3] Financial Projections - The company is projected to achieve revenues of RMB 35.38 billion, RMB 38.90 billion, and RMB 42.60 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be RMB 3.96 billion, RMB 4.52 billion, and RMB 5.25 billion for the same years. The corresponding price-to-earnings (PE) ratios are forecasted to be 24.30, 21.28, and 18.33 [3][4]

| --- | --- | |------------------------|------------| | 基本数据 | 2024-07-09 | | 收盘价 ( 元 ) | 22.08 | | 流通股本 ( 亿股 ) | 5.41 | | 每股净资产 ( 元 ) | 9.40 | | 总股本 ( 亿股 ) | 6.59 | | 最近 12 月市场表现 | | 证券研究报告 ❖ 投资建议：我们预计公司 2024-2026 年实现营业收入 54.34/62.74/72.00 亿元， 归母净利润 6.52/7.57/8.61 亿元。对应 PE 分别为 22.31/19.21/16.88 倍，维持 "增持"评级。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|---------|---------|---------|---------|---------|--------- ...

Investment Rating - The report maintains a "Positive" rating for the pharmaceutical and biotechnology industry [1] Core Views - The report provides an update on the price trends of active pharmaceutical ingredients (APIs) and related intermediates in June 2024 [2] Hormone Category Price Trends - In June 2024, the prices of saponin and diene in the hormone category increased by 3.45% and 2.00% month-on-month respectively, while prices of progesterone, medroxyprogesterone acetate, dexamethasone sodium phosphate, and hydrocortisone remained stable [5] - Year-on-year, saponin, dexamethasone sodium phosphate, and diene prices increased by 20.00%, 361.54%, and 13.33% respectively, while progesterone, hydrocortisone, and hydrocortisone acetate prices decreased by 7.32%, 1.72%, and 2.73% respectively [5][6] Antibiotic Intermediates Price Trends - In June 2024, 7-ACA, 6-APA, and penicillin industrial salt prices increased by 2.08%, 9.38%, and 36.36% month-on-month respectively, while 4-AA price decreased by 9.84% [7][8] - Year-on-year, 7-ADCA and 7-ACA prices increased by 4.00% and 8.89% respectively, while 6-APA, 4-AA, and penicillin industrial salt prices decreased by 5.41%, 36.05%, and 11.76% respectively [7][8] β-Lactam Antibiotics Price Trends - In June 2024, prices of cephalosporins and amoxicillin remained stable month-on-month [9] - Year-on-year, prices of ceftriaxone sodium, cefoperazone sodium, cefixime, cefaclor, and amoxicillin decreased by 4.76%, 10.91%, 12.50%, 9.52%, and 7.81% respectively [9][10] Cardiovascular Category Price Trends - In June 2024, prices of cardiovascular APIs such as valsartan, irbesartan, telmisartan, lisinopril, enalapril maleate, and atorvastatin calcium remained stable month-on-month [11] - Year-on-year, prices of valsartan, irbesartan, telmisartan, lisinopril, and atorvastatin calcium decreased by 11.56%, 2.34%, 4.55%, 10.42%, and 3.85% respectively, while enalapril maleate price remained stable [11][12]

中国国贸(600007) / 房地产开发 / 公司深度研究报告 / 2024.07.09 投资评级:增持(维持) 核心观点 | | | |----------------|------------| | 基本数据 | 2024-07-08 | | 收盘价(元) | 21.95 | | 流通股本(亿股) | 10.07 | | 每股净资产(元) | 9.96 | | 总股本(亿股) | 10.07 | 最近 12 月市场表现 中国国贸 沪深300 上证指数 房地产开发 -34% -20% -7% 7% 20% 33% 分析师 毕春晖 SAC 证书编号:S0160522070001 bich@ctsec.com 联系人 欧阳之光 oyzg@ctsec.com 联系人 吴梦茹 wumr@ctsec.com 相关报告 1. 《利润双位数增长,持续回报股东》 2024-04-01 2. 《核心资产质量较优,分红稳定吸引 力强》 2023-08-24 ❖ 持有难以复制的稀缺核心资产:公司拥有北京 CBD 区域中心位置的 TOD 项目,CBD 区域为成熟商圈,综合表现位列北京第一。同时公司资产包括写 字楼、商场、酒店、公寓 ...

建筑装饰 / 行业投资策略周报 / 2024.07.07 最近 12 月市场表现 ❖ 投资建议：从经营上看，在市占率提升背景下，龙头企业经营有望保持稳健， 比如隧道股份（600820.SH）、中国建筑（601668.SH）、中国铁建（601186.SH）、 中国交建（601800.SH）、中国中铁（601390.SH）、中材国际（600970.SH）、北 方国际（000065.SZ）等。此外，基于行业发展潜力、企业市占率及核心竞争 力，建议关注鸿路钢构（002541.SZ）、海螺水泥（600585.SH）、华新水泥 （600801.SH）、大丰实业（603081.SH）、江河集团（601886.SH）、郑中设计 （002811.SZ）、豪尔赛（002963.SZ）等上游供应商。 ❖ 根据北京"车路云一体化"项目招标信息，车路协同项目主要包含"路"、 "网"两大建设内容。7 月 2 日，北京经济技术开发区就《北京市车路云一体 化新型基础设施建设项目项目建议书（代可行性研究报告）》的编制开始对外 招标，可见北京市已将"车路云一体化"明确为"新型基础设施建设项目"。根据 招标公告，资金来源为政府投资（地方），出资比 ...

房地产开发 / 行业投资策略周报 / 2024.07.08 投资评级:看好(维持) 最近 12 月市场表现 房地产开发 沪深300 上证指数 单击或点击此处输入文字。 6 -32% -22% -13% -3% 7% 16% 分析师 毕春晖 SAC 证书编号:S0160522070001 bich@ctsec.com 联系人 欧阳之光 oyzg@ctsec.com 相关报告 1. 《房地产行业周报(2024 年第 26 周)》 2024-07-02 2. 《房地产行业周报(2024 年第 25 周)》 2024-06-26 3. 《房地产行业周报(2024 年第 24 周)》 2024-06-17 核心观点 ❖ 本周板块回顾:本周申万房地产指数上涨 0.81%,沪深 300 指数较上周下 跌 0.88%,板块跑赢沪深 300 指数 1.70pct,在 31 个板块中排第 6 位。 ❖ 行业数据回顾:本周 30 大中城市商品房成交面积 333 万平米,环比+21.2%, 同比+31.9%。细分城市能级来看,30 大中城市中,一线城市商品房成交面积 90 万平米,环比+12.0%,同比+32.7%;二线城市商品房成 ...

基础化工 / 行业专题报告 / 2024.07.08 投资评级:看好(维持) 最近 12 月市场表现 基础化工 沪深300 上证指数 -29% -22% -16% -9% -2% 5% 分析师 毕春晖 SAC 证书编号:S0160522070001 bich@ctsec.com 联系人 梅宇鑫 meiyx@ctsec.com 相关报告 1. 《化工行业周报》 2024-07-02 2. 《化工行业周报》 2024-06-25 3. 《化工行业周报》 2024-06-18 静待反倾销落地,生物柴油出口确定性增强 核心观点 ❖ 欧盟生物柴油反规避终止、反倾销即将落地,出口有望提振:欧盟是全 球第一大生物柴油消费市场,2022 年欧盟生物柴油供需缺口为 263 万吨,且 根据欧盟 ReFuel EU 法案,要求 2050 年在欧盟机场的飞机燃油中添加可持续 航空生物燃料占航空燃料的比重需达 70%,对应生物航煤需求潜力超 4700 万 吨/年,需求有望持续增加。然而,欧盟委员会先后在 2023 年 8 月和 12 月对 中国出口的生物柴油产品启动反规避调查和反倾销调查,中国生物柴油出口 需求受到明显抑制。欧盟反规避 ...

0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 50 100 150 200 250 300 350 400 450 2019/052019/072019/092019/112020/012020/032020/052020/072020/092020/112021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/092022/112023/012023/032023/052023/072023/092023/112024/012024/032024/05 出口额（亿元，左轴） 数量（亿个，右轴） 2024 年 5 月，我国锂离子蓄电池出口数量 3.2 亿个，出口额 329.2 亿元，单月同 比下降 12.6%，环比增长 7.8%。 行业投资策略周报/证券研究报告 5 氢能 7.5 100 0 242.5 1.25 6 87.5 0 5.1 9.25 3.5 20 80 651 401.5 0 175 0 0 6 87 553 75 3 200 0 0 562.3 854 390 0 100 200 300 ...